Macy’s, Inc. Reports First Quarter 2024 Results

FY23 third quarter service performance scores covering April 1 through May 19, included: *First-Class Mail: 92.0% of First-Class Mail delivered on time against the USPS service standard, an increase of 1.1 percentage points from the fiscal second quarter. *Marketing Mail: 95.9% of Marketing Mail delivered on time against the USPS service standard, an increase of 1.3 percentage points from the fiscal second quarter. *Periodicals: 88.9% of Periodicals delivered on time against the USPS service standard, an increase of 2.4 percentage points from the fiscal second quarter.

The legislative effort to hold the U.S. Postal Service accountable for on-time delivery of periodicals received a boost on Tuesday when Representative Abigail Spanberger (D-Virginia) helped introduce, bicameral legislation to support rural newspaper delivery by incentivizing on-time U.S. Postal Service (USPS) delivery and limiting excessive rate increases for periodicals. The Deliver for Democracy Act would hold the U.S. Postal Service accountable for on-time newspaper delivery service while incentivizing reliable service. In addition, the legislation now on tap in the House would limit rate increases for periodicals unless delivery and service standards are met. “I remain frustrated that U.S. Postal Service leadership is once again planning to raise postal rates — for the sixth time in three years — without fixing the persistent mail service and delivery issues that they know hurt Virginians and Virginia businesses,” Spanberger says.

Total Company net sales for the three months ended July 31, 2020, decreased 16.5% over the same period last year to $803 million. Comparable Retail segment net sales decreased 13%, driven by negative retail store sales due to stores being closed for part of the quarter and lower store productivity once opened, partially offset by strong double-digit growth in the digital channel. By brand, comparable Retail segment net sales increased 11% at Free People and decreased 8% at Urban Outfitters and 25% at the Anthropologie Group. Total Retail segment net sales decreased 14%. Wholesale segment net sales decreased 51%. For the three months ended July 31, 2020, the gross profit rate decreased to 29.6% from 32.8% in the prior year’s comparable period. Gross profit dollars decreased 24.6% to $238.0 million from $315.9 million. The decrease in gross profit rate was primarily due to an increase in delivery and logistics expense due to penetration of the digital channel, followed by store occupancy expense rate deleverage. Net income for the three months ended July 31, 2020, was $34 million and earnings per diluted share was $0.35. Net loss for the six months ended July 31, 2020, was $104 million and loss per diluted share was $1.06.